Create a simple terms sheet based on the terms that were agreed to below.

Partnership Status:

Liam and Christina will form a Limited Liability Partnership law firm and will have the title of partners.

Methods of allocating profits/losses between the partners:

Allocating profits 93/7 for the first year with a minimum salary guarantee of $85,000. Liam will make his guaranteed $85,000 salary and the rest of the profits will be split: 93% to Christina and 7% to Liam.

Subject to renegotiation after the first year.

Capital contributions:

Liam to pay partnership guaranteed $10,000 at 1.5 years after partnership is created.

Capital Expenditures: Agreed to $40,000 as estimate for how much it will cost.

Guaranteed compensation: Liam will be paid $85,000.

Allocation between partners: of any personal liabilities on loans, guarantees or other contracts incurred or assumed by any partner for the benefit of the partnership

If a loan is needed, Liam and Christina will be willing to personally guarantee the loan for the benefit of the partnership.

Rights to revenue generated from partnership clients if a partner withdraws or the firm breaks up for any reason

The person who brought in the client keeps the client even after potential dissolution.